Thanks, I'll have a look.

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Rob79

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17/11/15

12:51

Post #: 16413740
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Originally posted by cmonaussie ↑

Hi Rob,

Differential I was referring to is the discount to WTI - so maybe -$10 for Bakken vs say -$3 for Midland (Permian).

So 10-Q is out on SEC site.

First thing I did after opening the download was CTRL-F on the word covenant.

"The credit facility in the current period has been presented as a current liability. In previous periods the facility has been presented as a non-current liability. Due to the continuing weakness in the global oil price, there is doubt as to whether or not we will be able to meet our future debt covenants. We are working with the bank to renegotiate our facility and will continue to ask for waivers on a quarterly basis as necessary; however there can be no guarantee they will be granted."

Bolding is mine. That was what I was referring to when I noted the debt becoming current and no longer long term debt.

And as I suggested in earlier posts (breaching the EBITDAX covenant)

"As at September 30, 2015 we were in breach of our Debt to EBITDAX and interest coverage ratio covenants. We have requested a waiver from Mutual of Omaha with respect to these covenants for this quarter only and they are still considering this request. We expect to receive it."

I'll digest the numbers later.

Danger Will Robinson!

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Thanks, I'll have a look.

SSN Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
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